May 12, 2020 / 12:17 PM / 2 months ago

MIDEAST STOCKS-Saudi up on oil output cuts; Aramco's Q1 profit declines

    * Acquisition of SABIC stake on track - Aramco
    * Aramco's dividend in line with planned payout for year
    * IMF approves emergency pandemic aid for Egypt

    By Ateeq Shariff
    May 12 (Reuters) - Saudi Arabia's stock market rebounded on
Tuesday, as investors welcomed Riyadh's commitment to deepen oil
output cuts, while Egypt outperformed the region after the
International Monetary Fund's (IMF) approved emergency aid to
the country.
    On Monday, the kingdom said it would deepen output cuts in
June beyond its quota under the latest OPEC+ deal to help drain
a supply glut, prompting a rise in crude prices.
    Brent crude advanced 90 cents, or 3.04%, to $30.53
at 1150 GMT.
    Saudi Arabia's benchmark index ended 1.2% up, with
petrochemical maker Saudi Basic Industries (SABIC)
climbing 4.1%. Saudi Aramco said on Tuesday that its
planned acquisition of a majority stake in SABIC was on track to
close in the second quarter.
    Shares of Aramco were up 1.3% at 31.30 riyals, despite
reporting a 25% fall in first-quarter net profit, below analyst
estimates. However, Aramco's quarterly dividend was in line with
a plan for a $75 billion payout for the year.
    Net profit fell to 62.48 billion riyals ($16.63 billion)
after zakat and tax in the first three months of 2020, from
83.29 billion a year earlier.
    Egypt's blue-chip index advanced 2.8%, with 28 of
30 stocks on the index rising including Commercial International
Bank, which was up 3.2%.
    The International Monetary Fund (IMF) on Monday said its
executive board approved $2.77 billion in emergency financing to
help Egypt grapple with the new coronavirus pandemic that has
brought tourism to a standstill and triggered capital flight.

    In Dubai, the index added 0.5%, helped by a 4.5%
leap in Mashreqbank 
    Qatar's index closed up 0.3%. Petrochemical firm
Industries Qatar increased 3.9%.
    
    
 SAUDI ARABIA          rose 1.2% to 6,684 points
 ABU DHABI            gained 0.3% to 4,134 points
 DUBAI                  added 0.5% to 1,892 points
 QATAR                was up 0.3% to 8,892 points
 EGYPT                  was up 2.8% to 10,588 points
 BAHRAIN              lost 1.1% to 1,239 points
 OMAN                 slipped 0.4% to 3,451 points
 KUWAIT               was down 0.1% at 5,117 points
 

($1 = 3.7560 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alex
Richardson)
  
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